Monday, March 31, 2008

Moby Needs Your Help...

...and he's willing to fork over $75,000 for it.

A few years ago, be-spectacled musician Moby thought it sounded like a good idea to move from his long time home on the Lower East Side of Manhattan to a quadraplex in the tower of the legendary anddee-luxeEl Dorado building on Central Park West. Yes, children, a quadraplex. That's four floors of lung busting and boo-tox toning luxury.

After spending $4,500,000 to purchase the 2 bedroom co-operative and quite a few more dollars renovating the quirky cake topper apartment, 'olMoby decided he didn't actually like living in the upper reaches of Manhattan and last summer he high tailed back downtown and put the freshly renovated apartment on the market with a $7,500,000 asking price.

It wasn't long before a deep pocketed buyer turned up who was willing to pay something close to the asking price. However, the the all powerful co-op board rejected the buyer. Rejected. The. Buyer. Uh-oh. That might sound strange to all you single family residence homeowners, but in New York City, co-op boards hold and wield all the power to approve or deny potential buyers. They can reject a buyer for any or no reason at all and, are you ready for this children, co-op boards are not obligated to provide any explanation for a rejection. New York is a tough town folks.

Anyhoo, Moby's uptown digs have languished on the market ever since the rejection debacle and the one man band recently and reportedly sent out an email to his friends that said, "If you find someone to buy the apartment I'll happily give $75,000 to you or your favorite charity."

Given that rather large number, Your Mama suggests the children get bizzy running through their Rolodex of rich friends and associates who might have seven and a half million clams to spare on a four floor Manhattan aerie. What are you waiting for? Go!

30 comments:

If he was smart he would pay me 200k upfront to find a buyer, and another 200k when it was sold, it is not easy to find someone out there to buy asap, I would have to wine and dine folks just to get them to take a look at the place, I know this because I raise tens of millions for films it is a delicate precise process which is very time consuming, I get paid for my time with film funding so why not real estate ? spec is not in my vocabulary and it sounds like he wants someone to put in countless hours into something that may not pay off.

Anon 2:03, there are a lot of pros and cons about co-ops (ok, more cons than pros), but it's not just a matter of willing to give a board power - the fact is, this is by far the most common form of ownership in NYC. Sure, the new stuff is all condo, but the vast majority of apartments are co-ops. You want an apartment? You're going to be looking for a co-op. It's not a matter of being stupid.

As for Moby, this apartment is unique, but buyers who'd want this are few and far between, especially in this family-oriented neighborhood and especially at $7.5M. This needs to be chopped to $5.5M.

I do know Hugh Grant is interested in something nice around this exact area. Maybe? Pure speculation, but it's a beautiful place, and he does have that substantial USD Warhol profit floating about. Humm?

when you buy a co-op you're not actually buying real estate, you're buying shares in a corporation that give you rights to occupy a certain apartment in the building that is owned by the corporation.

that's the loophole that essentially allows boards to "discriminate" against buyers who they find undesirable.

it's not much of a leap to figure out that this is how blacks, jews, gays and entertainment people were once banned from the "better" buildings in Manhattan.

For example, 740 Park was always known as a protestant building (even though there have always been a jew or two) and it's sister building across the street, 730 Park Ave, which has nearly as lavish apartments, was always considered a good Jewish building (even though there were always non jews living there).

It's silly, but it's the way it was. And still is according to some people.

Anon 4:29 - So what is stopping these "corporations" from banning Jews, blacks, gays, entertainment people and any other "less-than-desireable in their opinion"? The fact that these boards do not give a reason is proof-positive that the New York real estate system condones flagrant discrimination based on whatever the "board" see fit to dislike. Since, as you say, the majority of apartments are co-ops, this leaves the masses at the mercy of the few. The co-op system was designed to discriminate and it still does. The fact that New Yorkers actually ACCEPT this behavior is mind-boggling. Just because it's the status-quo, doesn't make it right. A token jew in this building, a token black in this one.... the whole thought of it turns my stomach. I'll take California where you are truly FREE to live where you want as long as you have the money.

I am a minority (gay) who supports the right of private discrimination.

It is, fundamentally, the same rights we desire as minorities: freedom of association.

Just like I wish to associate with other gay men. Just like gay establishments wish to hire gay staff. Just like Jewish clubs wish to have their members be Jewish.

I'd rather be rejected from a co-op or employer who is anti-gay, rather than be around such people.

And I'd very much not like government stepping in, in an attempt at social engineering. It's a violation not only of the freedom to associate, but of property rights.

Out of curiosity, do those of you who favor making discrimination illegal think we minorities should not be allowed to have minority-only groups? And if so, what % of the population must we reach before the law should reverse itself?

Sandpiper...obviously what I said got your panties all in a ruffle, but that was not my intention at all. I wasn't trying to be flip or provocative nor was I condoning, justifying or in any way saying that a co-op boards ability to discriminate was preferable or recommended.

I was speaking about how these co-op boards have operated historically in NYC, not my personal opinion of the situation and I reject your silly PC indignation and outrage at what I said.

People were and are discriminated against by co-op boards. It's a fact, not an opinion or rationalization.

We totally crossed wires. I thought you were bashing minorirories, including jews. I support you and missed your point and tone entirely. You may read me as totally pro-active toward your obstacles and related complaint om coop board discrimination. Sometimes, words stated in a blog do not align with the true point to be conveyed. Translation honored, my good man.Peace.

A co-op is a club. Private clubs can admit whomever they want. They are no longer about discriminating against certain ethnicities and races as in decades past. In the upper reaches of the market it is about keeping out people who are overextended, shady types from places like Colombia and Russia, people who have sued everybody, rich felons, celebrities who attract media attention, etc. This is perfectly reasonable. There are also tax advantages.

Moby's apartment has a stunning view, but it is too awkward and small for families. Nevertheless, if it were in the Beresford it would go for twice the price. The Eldorado is a beautiful building but a little far uptown. He should hold out.

I said twice the price because a somewhat larger but not dissimilar 4-level penthouse in the Beresford, not directly facing the park like Moby's apartment, sold a couple of years ago for more than $15 million.

lets just talk about what sold in the last few months not a couple years, that is bad information.

a couple of years ago we were all in the gold rush days, sellers got to choose their buyers, and now we are in a recession, real estate has come to a halt even in NY and agents are starting to get laid off.

Moby's place is worth 3MM tops, esp with a coop board esp in todays market, although I do like the fact that they can keep create a peaceful sanctuary with their peculiar rules.

Co-ops may get less than condos per square foot overall, but for high end prewars, there are no comparable condos and the fact that a building is co-op does not lessen the price or make the apartment less desirable.

luke220 the place is 3500 sqft and I got some news from a friend of mine in manhattan, prices are going to continue to go up, the newly rich chinese, russians, koreans, indians, japanese are going to continue to buy, even if wall street tanked because the dollar is down and manhattan is still cheap for them to buy.

so.....

Moby will get his 7.5MM or close to it for his 5000 sqft (counting the terraces) 4 story penthouse coop at some point in the future unless he has not sold it already .